CADJPY further losses in the horizon

Following a retracement back to the fibonacci 0.618 - 0.786 levels, the pair has shown tremendous deceleration showing that the CAD may not have enough juice to keep going higher.
The CAD, which is correlated to commodities has started showing weakness as commodity prices such as copper and oil implying that global growth is slowing.
I'm expecting further losses in the pair to tag the 50-week moving average. A breach of this level will expose the 50-Month moving average.